A look at economic developments around the globe

AP News
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Posted: Jan 31, 2012 3:21 PM
A look at economic developments around the globe

A look at economic developments and activity in major stock markets around the world Tuesday:

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LONDON _ Unemployment across the 17 countries that use the euro ended 2011 at a record high 10 percent, official figures showed, a day after EU leaders acknowledged that they would have to boost economic growth with the same urgency they showed in combating their national debt.

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BERLIN _ The unemployment rate in Germany, Europe's largest economy, edged back over 7 percent in January as winter weather began to weigh on industries such as construction, the Federal Labor Agency reported.

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ATHENS, Greece _ Greece has all but concluded a crucial deal to write off half of its privately held debt and is now working on new austerity measures needed to secure continued bailout loans, Finance Minister Evangelos Venizelos said.

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WARSAW, Poland _ Government officials say that Poland does not intend to adopt the euro as its currency in 2015 but should meet the main financial criteria for admission to the eurozone then.

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LONDON _ European stocks rose on hopes that governments were making progress in their fight to contain the debt crisis, but Wall Street dropped due to soft U.S. economic data.

The FTSE 100 index of leading British shares closed 0.2 percent higher while Germany's DAX rose 0.2 percent. The CAC-40 in France ended 1 percent higher.

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TOKYO _ Tokyo's Nikkei 225 index rose 0.1 percent. Hong Kong's Hang Seng gained 1.1 percent and Seoul's Kospi was up 0.8 percent. China's benchmark Shanghai Composite Index was up 0.3 percent.

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TOKYO _ Japan's industrial production rebounded 4 percent in December from November and household spending increased, suggesting the still-weak economy is gaining some steam after last year's tsunami disaster and flooding in Thailand that disrupted manufacturers' supply chains.

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